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Anonymous

10 Feb 2020

∙

How do you calculate exactly how much savings interest you will receive?

I have deposited $5000 into my SCB Jumpstart account on 19 Nov. According to my calculations I should have gotten $8.33 for interest on 30 Nov but I only received $3.29. Does the date that I deposited on affect my interest? If yes, how should I calculate so that I can get the 3.29?

Standard Chartered JumpStart Account

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Jacqueline Yan

04 Feb 2020

Content Strategist at Seedly

Hi anon!

The date of deposit definitely does affect the amount of interest you'll get as the JumpStart account calculates interest on a daily basis but credits it at the end of the month.

So in your case, no interest was earned from 1 Nov - 18 Nov since you have yet to deposit anything.

Your daily interest would have been (2% x $5,000)/365 = $0.2739, given that your deposit was done on 19 Nov, you accumulated 12 days of interest, $0.2739 x 12 = $3.286, aka. $3.29.

Hope this helps!

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Standard Chartered JumpStart Account

4.8

782 Reviews

Maximum Interest: 2.50% p.a. for balances up to S$50,000

INTEREST RATES

$0

MIN. INITIAL DEPOSIT

$0

MIN. AVG DAILY BALANCE

Related Posts

In this low interest climate. Is SAYE a good savings account option to lose 'liquidity' for the 2% interest? I'm curious why it's not being brought up much in this forum?

Hi! I bought singapore savings bond using SRS in ocbc account. How do I see if interest is received after 6 months? Is this reflected in the srs account or main savings acc? Thanks

How does the calculation of interest work with DBS Multiplier? Does the balance from the other DBS savings account included?

Does anyone know for POSB SAVE AS YOU EARN/SERVE (SAYE/SAYS) account, do I need to credit my Salary to the account directly or I can just do a deposit from my own account to receive the special interest?

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